All categories

2 years ago

Explain what debit and credit mean.

Business

1 answer:

xeze [42]2 years ago

6 0

Debits and credits are used in a company’s bookkeeping or or double-entry accounting.

Debits and credits are the bookkeeping entries that balance each other. Debits means all of the money coming into an account, while credits means all of the money going out of an account. When recording a transaction, every debit entry must have a corresponding credit entry of the same amount.

A debit entry is always kept on the left side of an entry. A debit increase asset or expense accounts, and decreases liability, revenue or equity accounts.A credit is always placed on the right side of an entry. It increases liability, revenue or equity accounts and decreases asset or expense accounts.

To learn more about Debits and credits here

brainly.com/question/14747768

#SPJ4

You might be interested in

In Mesopotamia, the ownership of property and the specialization of trades and crafts made visual identification necessary. Imag

marin [14]

Answer:

Cylinder seals

Explanation:

The human species originated in Africa around 300,000 years ago, but the first civilization that modern archaeologists have discovered was located in Sumer, Mesopotamia, around 10,000 BC.

Mesopotamians invented agriculture, writing, art, culture and trade. One of the ways to control goods produced and traded was to trademark them with cylinder seals specially to mark items on clay. They used clay a lot, for writing, pottery and construction.

5 0

3 years ago

Read 2 more answers

Under what circumstances could the Government use open market operations? <br>

inessss [21]

Answer:

market operations ? markets have operations?

5 0

3 years ago

Read 2 more answers

Reducto Co. pays a weekly payroll of $95,000 that includes federal taxes withheld of $12,000 FICA taxes withheld of $7,250, and

larisa [96]

Answer: Assets decrease $69,750 and liabilities increase $25,250

Explanation:

Based on the scenario in the question, Decrease in assets will be calculated as:

= $95,000 - $12,000 - $7,250 - $6,000 = $69,750

Increase in liabilities will be calculated as:

= $12,000 + $7,250 + $6,000

= $25,250

The effect on assets and liabilities from this transaction is that assets decrease $69,750 and liabilities increase by $25,250

7 0

3 years ago

Suppose there are several countries that are efficient at producing coffee beans and Brazil is one of those countries. While Bra

IgorC [24]

Answer:

e. comparative advantage

Explanation:

As the opportunity cost of Brazil to produce coffee beans is lower than other countries it can sale their production to a gain and then use it to acquire the electronics on which is not as efficient.

Brazil has a comparative advantage producing coffee beans. Thus, is better for the global economy for brazil to produce coffee beans instead of electronics.

7 0

3 years ago

When appraising a property your goal is:

Julli [10]

Answer:

b. Establish the most probable price that would be paid for a property under competitive market conditions

Explanation:

Property appraisal is the process by which real estate property value is estimated. It is an opinion by the appraiser of the value of a property at a particular period and in a particular market.

Real estate do not tend to be identical as such different properties will have different appraisal value.

Buyers can use property appraisal as a guide when paying for a property so that they can get get the most competitive price.

4 0

3 years ago